All pediatric intensivists need a primer on ICU finance. The author describes potential alternate revenue sources for the division. Differentiating units by size or academic affiliation, the author describes drivers of expense. Strategies to manage the bottom line including negotiations for hospital services are covered. Some of the current trends in physician productivity and its described metrics, with particular focus on clinical FTE management is detailed. Methods of using this data to enhance revenue are discussed. Some of the other current trends in the ICU business related to changes at the federal and state level as well as in the insurance sector, moving away from fee-for-service are covered.
Key points
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Most pediatric intensive care units (PICUs) have a limited number of revenue sources that should be maximize.
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There are various financial models or types of PICUs in existence ranging from smaller to larger and non-academic to academic.
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Other revenue sources include medical service agreements for clinical or administrative services in other ICUs.
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The use of relative value units to assess physician productivity has become a widespread practice, and understanding it conceptually is a necessity for all practicing ICU physicians.
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The use of more granular productivity data has been shown to improve critical care clinical revenue.
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